Business & Law Flashcards

1
Q

Register for the examination through PSI and pay a fee of _____

A

$79

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2
Q

Which web address should you schedule your test through?

A

www.psiexams.com

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3
Q

Official scores are mailed by the _____

A

Board

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4
Q

If you fail, you may retake the examination ____ after the previous examination

A

30 days

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5
Q

Fees for an intermediate license are

A

$100

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5
Q

Fees for an unlimited license are

A

$125

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6
Q

Fees for a limited license are

A

$75

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7
Q

License applicants and license holders must notify the Board in ____ of a change in address within ____ from the date of change

A

writing, within 30 days

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8
Q

A limited license has a project limitation up to ____ and an amount of working capital of ____

A

$750,000; $17,000

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9
Q

An intermediate license has a project limitation up to ____ and ____ amount of working capital

A

$1,500,000; $75,000

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10
Q

An unlimited license has a project limitation of _____ and an ____ amount of working capital

A

no restriction; $150,000

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11
Q

Applicants may present a _____ in lieu of demonstrating the required amount of working capital

A

Surety bond

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12
Q

If the bond is canceled, the surety and applicant must notify the Board immediately. The applicant’s license is ____ if written proof of financial responsibility is not provided within _____ of bond cancelation

A

suspended; within 30 days

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13
Q

To request a limitation increase, you must complete an increase application form. To be considered for an increase, your license must be ____ and ____

A

active and renewed

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14
Q

Bond amounts are as follows: Limited license ____, Intermediate license ____, and Unlimited license ____.

A

$175,000; $500,000; $1,000,000

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15
Q

Licenses expire _____ on December 31.

A

annually

16
Q

If more than ____ passes after the license expires then the contractor must go repeat the entire application process from scratch.

A

4 years

17
Q

_______ are mailed to licensed contractors by November 30th, once completed these will need to be submitted with required _____.

A

renewal applications; financial information

18
Q

Once a complaint is received by the Board, a ________ of the complaint and the charges are sent to the licensee of a general contractor for a response.

A

written notice

19
Q

What amount of money is the maximum dollar amount per project that you can build before a contractors license is required?

A

$39,999